Brigade Enterprises Q4 FY26: FY27 ₹9,000 Cr pre-sales

Results snapshot: FY26 profit up, Q4 profit down

Brigade Enterprises has reported its financial results for the quarter and year ended March 31, 2026, highlighting a split picture between annual profitability and quarterly volatility. For FY26, the company reported consolidated Profit After Tax (PAT) of ₹725 crore, up 7% from ₹680 crore in FY25, with management attributing the resilience to steady contributions from the commercial and hospitality businesses.

But in Q4 FY26, the headline profit fell sharply year-on-year, even as bookings improved sequentially. Coverage of the company’s BSE filing cited Q4 net profit of ₹145.49 crore versus ₹247 crore in Q4 FY25, a 41.1% decline. Another report also cited ₹190 crore versus ₹249 crore for the March quarter, pointing to differences in reported figures across sources.

Q4 FY26: revenue and operating margin stayed steady

On the topline, reports referenced Q4 revenue from operations at ₹1,503 crore versus ₹1,876 crore in Q4 FY25, with EBITDA of ₹410 crore and an EBITDA margin of 27.3%. Separately, another set of quarter highlights cited revenue of ₹1,457.6 crore versus ₹1,460.4 crore year-on-year, with EBITDA of ₹364.7 crore and an EBITDA margin of 25.1% compared with 28.5% last year.

Even with varying numbers quoted in coverage, the common theme was that operating profitability remained within a healthy band for a listed developer, while net profit moved more because of mix and timing.

Pre-sales picked up in Q4 as launches accelerated

Operationally, Brigade ended FY26 with residential pre-sales of ₹7,424 crore, down 5% from FY25’s ₹7,809 crore. Management attributed the decline to delays in project approvals, which pushed some launches toward the end of Q4 and some into FY27.

In Q4, the company launched around 4 million square feet across seven projects and reported pre-sales of ₹2,521 crore, a 44% quarter-on-quarter increase. Reported real estate sales volume for the quarter stood at 1.95 million square feet with the same ₹2,521 crore sales value.

Pricing improved despite slower full-year bookings

While FY26 pre-sales were lower, pricing trends were positive. For the full year, average realisations increased 9% to ₹12,107 per square foot. For Q4 specifically, average realisation was reported at ₹12,915 per square foot, up 7% year-on-year.

The company cited successful launches including Brigade Lumina (reported as almost fully sold out), Brigade Belvedere Phase 1 in Bengaluru, Brigade Stellaris in Chennai, and Brigade Manor and Enclave in Hyderabad.

Commercial and hospitality: the stabilisers in FY26

Brigade’s commentary positioned commercial leasing and hospitality as stabilising segments when residential launch schedules get disrupted. During the year, the company leased about 1.1 million square feet and reported rental collections of nearly 99%.

Leasing revenue rose 12% to ₹1,303 crore in FY26 from ₹1,165 crore in FY25. The company also reported a 7% year-on-year increase in retail footfalls and 18% growth in retail sales consumption.

In hospitality, revenue increased 13% to ₹604 crore from ₹536 crore in FY25. The hospitality portfolio reported 76% occupancy for the year, with Average Room Rate (ARR) of ₹7,453, up 11%. Management also flagged that geopolitical developments led to some event (MICE) cancellations.

Cash flows, leverage, and balance sheet position

For FY26, Brigade reported consolidated revenue of ₹5,909 crore, up 11% from ₹5,314 crore, and EBITDA of ₹1,638 crore. Total collections during the year were ₹7,476 crore, while net cash flow from operations was ₹1,411 crore.

On leverage, net debt stood at ₹2,278 crore with a debt-to-equity ratio of 0.27 as of FY26, which the company framed as providing capacity for planned growth.

Share price reaction after the results

After the Q4 results, Brigade Enterprises shares fell more than 4% intraday to ₹774 on NSE. Around 12:00 PM, the stock was quoted at ₹777.4, down about 4% versus the previous close of ₹809.

Dividend and bonus: what the board proposed

The board recommended a final dividend of ₹2 per equity share (face value ₹10 each), subject to shareholder approval. The company also proposed a 1:3 bonus issue, issuing one fully paid-up equity share of ₹10 for every three existing shares, subject to shareholder approval.

FY27 playbook: ₹9,000 crore target and 11.6 million sq ft launches

For FY27, Brigade has guided for residential pre-sales of at least ₹9,000 crore, which it described as 20% growth over FY26. To back this, it plans to launch 11.6 million square feet of residential projects in FY27 with an estimated total project value of ₹11,900 crore.

Beyond residential, the company said it plans to invest ₹6,000 crore in its commercial portfolio over FY27-28, to be funded through a mix of debt and internal accruals. It also indicated potential rental upside of 10-15% on new leases at WTC Bangalore after anchor tenant Amazon partially exits, with an expected vacancy of 630,000 square feet.

What investors are watching: approvals and tenant concentration

The key operational risk called out by management was approval delays, which directly affected FY26 launch timing and pre-sales. Another watchpoint is tenant concentration, highlighted by the upcoming 630,000 square feet vacancy at WTC Bangalore.

Strategically, Brigade also said it is shifting residential focus toward the mid-segment, moving away from an earlier tilt toward ultra-luxury projects. Investors will likely track how this mix shift affects execution and reported margins.

Key numbers at a glance

Conclusion

Brigade’s FY26 results show annual PAT growth alongside quarterly profit volatility, with Q4 pre-sales strength supported by late-quarter launches and better realisations. The near-term narrative is anchored on whether approval timelines normalise, the ₹9,000 crore FY27 pre-sales target is met, and WTC Bangalore is re-leased at the guided 10-15% rental upside. Shareholder decisions on the ₹2 dividend and 1:3 bonus issue are also the next identifiable milestones tied to the announcement cycle.